{"id":257572,"date":"2022-09-15T02:00:29","date_gmt":"2022-09-14T20:30:29","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=257572"},"modified":"2022-09-15T09:12:39","modified_gmt":"2022-09-15T03:42:39","slug":"ethereum-reached-this-interesting-milestone-before-fed-meeting","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/ethereum-reached-this-interesting-milestone-before-fed-meeting\/","title":{"rendered":"Ethereum reached this interesting milestone before Fed meeting"},"content":{"rendered":"

As the Federal Open Markets Committee (FOMC) meeting concluded a brutal Consumer Price Index (CPI) report, the crypto markets responded in a similar fashion. The top-ranked altcoin, Ethereum [ETH]<\/a> showed a massive windfall in the past day as the larger markets took a major U-turn.<\/p>\n

According to CoinMarketCap, Ethereum was trading just above $1,600 after seeing a 6.4% slide on 13 September. This drop has effectively halved Ethereum’s weekly gains from the Merge anticipation.<\/p>\n

Changing tides<\/h3>\n

But prior to the report’s release, Ethereum touched a rare milestone on the network as reported<\/a> by Santiment.<\/p>\n

According to Santiment, the ratio of ‘ETH being moved’ and its market cap metric is in its best shape in 16 months. This was a major bullish indicator on the network which is set to launch the Merge within the next 24 hours.<\/p>\n

\"\"<\/a>
Source: Santiment<\/figcaption><\/figure>\n

However, the inflation news has provided a major dent in Ethereum’s recent growth. This sort of FUD can have haphazard consequences for ETH optimists in the short-term future.<\/p>\n

According to the latest data, Exchange Net Flow (1d MA) for Ethereum has just reached a one-month high of 13,099.39 ETH.<\/p>\n

This presents a growing conundrum in the Ethereum community as many investors are beginning to reduce their exposure to the upcoming Merge.<\/p>\n

\"\"<\/a>
Source: Glassnode<\/figcaption><\/figure>\n

The Merge is coming<\/h3>\n

Despite the accumulation of major losses as of 14 September, the Merge is set to release on the Ethereum mainnet. According to the blockchain information portal, OKLink<\/a>, the countdown to the Merge is expected to be less than 20 hours (at press time).<\/p>\n

Furthermore, the current block height is 15531808. The latest block comes from Hiveon and the current difficulty is 12.03PH. There are less than 5,445 blocks left, the progress has reached 99.89%.<\/p>\n

Meanwhile, the founder of crypto trading platform BitMEX, Arthur Hayes, believes the Merge can “overcome” a negative macro environment. In a podcast<\/a> with Bankless, Hayes presented his views on the Merge.<\/p>\n

He further added, “I have bought calls for $3000 by the end of the year.” This emphasizes the confidence the likes of Hayes hold in the ETH transition to Proof-of-Stake (PoS).<\/p>\n","protected":false},"excerpt":{"rendered":"

As the Federal Open Markets Committee (FOMC) meeting concluded a brutal Consumer Price Index (CPI) report, the crypto markets responded in a similar fashion. The top-ranked altcoin, Ethereum [ETH] showed a massive windfall in the past day as the larger markets took a major U-turn. According to CoinMarketCap, Ethereum was trading just above $1,600 afterContinue reading “Ethereum reached this interesting milestone before Fed meeting”<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":257575,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,32,66,3,4,20],"tags":[],"class_list":["post-257572","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"\nEthereum reached this interesting milestone before Fed meeting - AMBCrypto<\/title>\n<meta name=\"description\" content=\"As the FOMC meeting concluded a brutal CPI report, the crypto markets responded in a similar fashion. 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